Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1887-07-14
About Copper Bonanzas.

Until within few years the Calumet
& Hecla people have always controlled
the price of copper in this country.
Their mine is very rich, and easily
worked. 1t has paid between S25, 00O,-
600 and S27,000,000 in dividends, and
is mostly owned and dealt in in Bos-
ton. Three years ago the stock was
in the neighborhood of $50 to 400.
Whenever they produced surplus the
copper was exported for any price it
would bring, the heavy duty on i'm
ported copper preventing its return to
the United States. BY keeping the
surplus out of the market in that way
the price of copper was kept at any
figure the Calumet and Hecla COM
pany wished.
But they began to lose their grip on
the market five or six years ago when
large deposits of copper were dis
covered in Arizona. One of the new
mines, the Longfellow, with adjoining
claims was sold to Scotch syndicate
for 81, 900, 900, who now own and work
the property under the name of the
Arizona Copper company. 1t is very
rich, but within year of IT'S purchase
by the syndicate it could have been
bought for less than 81 100000 About
the same time copper deposits were
found at Butte. M. T., but the ore,
while exceedingly rich, was of such a
character that it had to be shipped to
Swansea, Wales, where were the only
reduction works which could handle
it. One of the mines, the Anaconda,
soon after its discovery by Marcus
DAILY, passed into the control of j. b.
Haggin, Lloyd Tavis, and United
States Senator Hearst. These gentle
men spent large amount of money
in developing the property. The ore
was SO rich that they sold 10000
pounds of it to people in San Fran
cisco, who shipped it by the North
western Transportation company to
the Pacific coast, and thence to Swan
sea, where it was reduced at good
profit to the exporters. simultaneously
with the discovery of the Anaconda
the Parrot mine, owned by Gov. Haw-
ser, of Montana, came into promi-
nence. This mine is almost as rich as
the Anaconda; indeed, so rich were
the deposits that the Northern Pacific
and the Union Pacific began to fight
for the privilege of handling the pro-
duct of the mines. Both offered to
build branches to Butte in return for q
contract to ship the ore and supplies
over their roads, and both now run to
Butte. Messrs. Haggin, Tavis, and
Hearst are said to have bought up all
the water rights of the town, as well
as all the neighboring timber lands,
and at an expense of nearly $500, 900
they have erected reduction works
similar to those of Swansea.
OF course these discoveries and
operations had disturbing effect on
the copper market. The price began
dropping from 16 cents to 8 cents a
pound, and as consequence Calumet
and Hecla stock fell about 100 points
and one or two dividends were passed
1t has been generally understood in
copper circles that either the Butte
mines would have to get control of the
Calumet and Hecla, or vice versa, or
some arrangement for expectations of
ore would have to be made in order to
keep the price of copper up to a profit
able figure for the miners. The Scotch
property has been badly effected by
the decline in copper. Their Is shares
were sold at par in Scotland in 1882,
and there was such rush for them
that within three hours after the open
ING Of the subscription books all the
stock had been subscribed for five or
six times over, and the shares were at
Il premium. At last reports, how
ever, these shares were selling as low
as rs and Is shilllnps. 1t is impossible
to ascertain how the Haggin mines
have been affected. They are run by
a very close corporation; the men are
exceedingly rich and exceedingly re-
served; they are expert miners, and it
is likely they viii not come out of any
deal second best.
Marcus DAILY acquired his original
interest in the Anaconda for about
$4,000. According to his own state
ment he has already taken out 81, 000,-
900 in cash, and still retains his in.
terest.- Chicago Mail.